Post Tagged with: "Santander Consumer USA"

Lenders Brace for Increased Fraud in Wake of Equifax Breach

Lenders Brace for Increased Fraud in Wake of Equifax Breach

September 20, 2017 at 10:30 am 0 comments

During a time of increased faked-identity scams in the industry, lenders should prepare for more fraudsters following last week’s Equifax data breach, according to the fraud detection company PointPredictive. The breach exposed half the population’s Social Security numbers, addresses, and driver’s licenses. “What we’re seeing is that synthetic identity isRead More

CitiFinancial to Pay Nearly $1 Million for Illegal Repossessions

CitiFinancial to Pay Nearly $1 Million for Illegal Repossessions

September 19, 2017 at 12:40 pm 0 comments

The Justice Department said on Monday that CitiFinancial Credit Co. — a successor to CitiFinancial Auto Corp. — will pay $907,000 to resolve allegations that it violated the Servicemembers Civil Relief Act. Between 2007 and 2010, CitiFinancial repossessed 164 cars owned by SCRA-protected servicemembers without first obtaining the required courtRead More

Auto ABS Issuers Pull Pools Back From Harvey, Irma Impacted Areas

Auto ABS Issuers Pull Pools Back From Harvey, Irma Impacted Areas

September 12, 2017 at 12:12 pm 1 comment

During one of the busiest times for the secondary market, auto lenders are excluding vehicles affected by Hurricane Harvey from ABS issuances over fears of negative-equity deals, according to presale reports.   Exeter Finance Corp., Fifth Third Bank Dealer Financial Services, Ford Motor Credit Co., and Santander Consumer USA haveRead More

Ally, Santander Hit Hardest From Harvey, Await Irma Reports

Ally, Santander Hit Hardest From Harvey, Await Irma Reports

September 11, 2017 at 12:05 pm 1 comment

As analysts seek to assess auto damages in Florida after Hurricane Irma made landfall over the weekend, damage from Hurricane Harvey is coming into focus. The latest report from Morgan Stanley predicts Ally Financial and Santander Consumer USA could see earnings declines of 12% to 18%, given their high concentrationRead More

Auto Lenders Provide Relief Amid Hurricane Harvey Devastation

Auto Lenders Provide Relief Amid Hurricane Harvey Devastation

September 6, 2017 at 11:00 am 2 comments

The full economic impact of Hurricane Harvey on the auto industry has yet to be determined, but in the short term it’s clear that many consumers are going to need financial assistance and a number of lenders have stepped up to provide donations and consumer relief. Cox Automotive estimates betweenRead More

Negative Equity Poses Threat to Lenders in Wake of Hurricane Harvey

Negative Equity Poses Threat to Lenders in Wake of Hurricane Harvey

September 4, 2017 at 11:00 am 2 comments

More than half a million vehicles in the Houston area are estimated to be a total loss following the flooding damage caused by Hurricane Harvey, and more of those consumers than ever are upside down on their loans, according to Edmunds.com Inc. Comprehensive auto insurance is the main policy protectingRead More

Top 6 Auto Finance Operational Changes to Watch

Top 6 Auto Finance Operational Changes to Watch

August 31, 2017 at 12:42 pm 0 comments

While lenders, of course, have to focus on lending practices, compliance, and risk management to remain successful in this space, many business owners know employee operations and customer service are just as important. There have been several operational moves among large lenders and shifts in customer service trends over theRead More

6 Lawsuits to Watch and Lessons Learned

6 Lawsuits to Watch and Lessons Learned

August 30, 2017 at 10:00 am 0 comments

As the powersports industry grows, regulatory scrutiny will also increase, prompting lenders to devote more time and resources to compliance due diligence, several lawyers told Powersports Finance. Powersports lenders are already on regulators’ radars, because they have been particularly focused on the auto finance industry, and the powersports industry is consideredRead More

CEO Jason Kulas Splits From Santander After 10 Years

CEO Jason Kulas Splits From Santander After 10 Years

August 28, 2017 at 12:42 pm 0 comments

Santander Consumer USA’s President and Chief Executive Jason Kulas is stepping down “effective immediately” in order to “pursue other opportunities,” ending his 10-year run with the company, the board announced in a press release today. Kulas will be replaced by Scott Powell, chief executive of Santander Holdings USA (SHUSA) theRead More

Ally, Santander Score Regulatory Wins for Investors

Ally, Santander Score Regulatory Wins for Investors

August 25, 2017 at 12:34 pm 2 comments

Ally Financial Inc. and Santander Consumer USA both scored regulatory wins this week that impact their ability to repay investors, which could be a signal of saturated growth in the auto finance industry. For Ally, the Federal Reserve this week released the bank from a commitment it made in theRead More

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